csx 1Q 08

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<ul><li> 1. First Quarter 2008 Earnings Conference Call 1 1 Proxy Statement Disclosure On February 22, 2008, CSX Corporation (quot;CSXquot;) filed with the SEC a revised preliminary proxy statement in connection with its 2008 Annual Meeting. CSX plans to file with the SEC and furnish to its shareholders a definitive Proxy Statement in connection with its 2008 Annual Meeting, and advises its security holders to read the definitive Proxy Statement when it becomes available, because it will contain important information. Security holders may obtain a free copy of the definitive Proxy Statement and other documents (when available) that CSX files with the SEC at the SECs website at www.sec.gov. The definitive Proxy Statement and these other documents may also be obtained for free from CSX by directing a request to CSX Corporation, Attn: Investor Relations, David Baggs, 500 Water Street C110, Jacksonville, FL 32202. CSX, its directors, director nominee and certain named executive officers and employees may be deemed to be participants in the solicitation of CSXs security holders in connection with its 2008 Annual Meeting. Security holders may obtain information regarding the names, affiliations and interests of such individuals in CSXs revised preliminary proxy statement filed on February 22, 2008 with the SEC. 2 2 </li> <li> 2. Executive Summary Michael Ward Chairman, President and Chief Executive Officer Forward-Looking Disclosure This information and other statements by the company contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act with respect to, among other items: projections and estimates of earnings, revenues, cost-savings, expenses, or other financial items; statements of managements plans, strategies and objectives for future operation, and managements expectations as to future performance and operations and the time by which objectives will be achieved; statements concerning proposed new products and services; and statements regarding future economic, industry or market conditions or performance. Forward-looking statements are typically identified by words or phrases such as believe, expect, anticipate, project, estimate and similar expressions. Forward-looking statements speak only as of the date they are made, and the company undertakes no obligation to update or revise any forward-looking statement. If the company does update any forward-looking statement, no inference should be drawn that the company will make additional updates with respect to that statement or any other forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, and actual performance or results could differ materially from that anticipated by these forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by these forward-looking statements include, among others: (i) the companys success in implementing its financial and operational initiatives, (ii) changes in domestic or international economic or business conditions, including those affecting the rail industry (such as the impact of industry competition, conditions, performance and consolidation); (iii) legislative or regulatory changes; (iv) the inherent business risks associated with safety and security; and (v) the outcome of claims and litigation involving or affecting the company. Other important assumptions and factors that could cause actual results to differ materially from those in the forward- looking statements are specified in the companys SEC reports, accessible on the SECs website at www.sec.gov and the companys website at: http://investors.csx.com/ 4 4 </li> <li> 3. First quarter overview . . . Delivered record Q1 revenues, First Quarter operating income and EPS Earnings Per Share $0.85 $0.80 Raised safety and customer service to record levels 63% 60% Increase Increase $0.52 $0.50 Produced best-ever Q1 operating ratio of 77% Increased dividend, buyback and financial targets Reported Comparable 2007 2008 Note: Comparable results exclude gains from insurance recoveries and a non-cash equity earnings adjustment 5 5 Operations Review Tony Ingram Executive Vice President Chief Operating Officer </li> <li> 4. Leadership, discipline and execution Safety performance improves to record levels Productivity helping drive the Performance operating ratio lower Excellence Service Execution Service Execution Customer service improves to record levels Productivity Discipline Productivity Discipline Safety Leadership Safety Leadership 7 7 Helping lead one of the nations safest industries FRA Personal Injury FRA Train Accidents 13 Week 13 Week Average Average 1.10 3.04 1.42 3.37 1.31 3.15 3.05 1.24 1.22 2.85 2.84 1.15 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 2007 2007 2007 2007 2008 2007 2007 2007 2007 2008 Rolling 12-Month Averages 8 8 </li> <li> 5. On-time performance at all-time highs On-Time Originations On-Time Arrivals 13 Week 13 Week Average Average 79% 69% 72% 81% 70% 79% 69% 78% 66% 77% 76% 63% Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 2007 2007 2007 2007 2008 2007 2007 2007 2007 2008 Rolling 12-Month Averages 9 9 Network efficiency provides strong service product Dwell Time (hours) Velocity (mph) 13 Week 13 Week Average Average 22.7 hrs 20.8 mph 24.7 20.9 20.8 24.3 20.4 23.7 20.1 19.9 23.2 22.8 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 2007 2007 2007 2007 2008 2007 2007 2007 2007 2008 Rolling 12-Month Averages 10 10 </li> <li> 6. Operations wrap-up . . . Driving safety momentum to record levels Rightsizing resources to current business levels On-track with Total Service Integration roll-out Taking service and productivity to the next level 11 11 Sales and Marketing Review Clarence Gooden Executive Vice President Sales and Marketing </li> <li> 7. Revenues increased 12% to over $2.7 billion Record first quarter revenues First Quarter Revenue in Millions Strong service continues to drive revenue growth $291 $2,713 $2,422 Yield management and fuel recovery offset softer volume 2007 Growth 2008 13 13 Revenue growth is strong across most markets First Quarter Year-Over-Year Revenue Growth Agricultural Products 31% Phosphates &amp; Fertilizers 23% Coal 20% Chemicals 13% Metals 12% Intermodal 9% Emerging Markets 1% Revenues impacted by Automotive (0%) the continued softness in the housing and automotive Food &amp; Consumer (1%) sectors of the economy Forest Products (4%) 14 14 </li> <li> 8. Price continues to drive RPU growth Year-Over-Year Change 14.4% 10.5% 8.1% 8.0% 6.9% 7.1% 6.8% 6.7% 6.5% 6.5% Q1 2007 Q2 2007 Q3 2007 Q4 2007 Q1 2008 Price Increase on 'Same Store Sales' Total Revenue per Unit Note: Same Store Sales price increases exclude impacts from fuel and mix 15 15 Merchandise revenue increases 11% First Quarter Yield management continues 2008 versus 2007 to offset softer volumes Continued softness in RPU 15% housing and auto sectors Volume (4%) Revenue 11% All-time record revenue in agriculture products 2007 Change 2008 RPU $ 1,791 $ 274 $ 2,065 Further strength in fertilizer, chemicals and metals Volume 675 (25) 650 (thousands) Revenue $ 1,209 $ 133 $ 1,342 (millions) 16 16 </li> <li> 9. Coal revenue increases 20% First Quarter Strength in exports offset 2008 versus 2007 decline in utility market Tons shipped increase 1% on RPU 20% flat carload volume Volume 0% Revenue 20%...</li></ul>